MAYUR Resources will pause its thermal energy power station in Lae, Papua New Guinea, concentrate on renewables, and establishing its PNG Nature-Based REDD+ Forestry Carbon Credit projects around the country.
Managing director Paul Mulder said customers had responded well to the move.
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| PHOTO: A new 60 megawatt power station would have the ability to burn coal as well as use renewable biomass. (ABC News: Peter Giafis) |
“Mayur Resources has taken three projects (Iron and Industrial Sands, Quicklime and Clinker/Cement) from inception all the way through the project development stages to be fully permitted with construction bids in place – Shovel Ready,” he said.
“These three projects are now in the financing stage and shall see construction commence as soon as financing has been finalised.
“The development activities of exploration, feasibility studies, permitting/approval, customer off-take support and construction bids have been completed for these projects.”
He said the company board also decided to pause the thermal energy power station project in Lae, and focus instead on renewables (solar/geothermal) and the establishment of its PNG Nature Based REDD+ Forestry Carbon Credit projects.
“The response to this amendment in strategy has been positive with our future customers welcoming our ability to use renewables to penetrate the energy requirements of our projects, thus reducing our carbon footprint.
“We have then additionally proposed to generate high quality PNG Nature Based REDD+ Forestry Carbon credits to further offset remaining carbon emissions that are currently unavoidable.
“Collectively this approach then yields net zero products (with the endeavour to achieve this milestone from the commencement of production).”
Statement